Midwest

EG Group to Acquire 225 Minit Mart Stores, Additional Assets for $305M

by Taylor Williams September 10, 2018

WESTLAKE, OHIO — British gas station and convenience store operator EG Group has agreed to acquire a portfolio of real estate assets, including 225 Minit Mart-branded stores, for $305 million. The seller was Westlake, Ohio-based TravelCenters of America, which operates several convenience store and gas station chains across the country, including Petro, TA and Quaker Steak & Lube. The transaction follows EG Group’s acquisition of a 762-site portfolio of convenience stores across the country earlier this year. Kroger sold those properties, which include stores under the Tom Thumb, Loaf ‘N Jug and Kwik Shop banners. “We have a firm commitment to growing our presence in the USA, the world’s largest convenience market,” says Mohsin Issa, founder and CEO of EG Group. “The Minit Mart portfolio will be a strong addition to our business.” Upon closing of the deal, EG Group will own and operate approximately 1,000 convenience retail stores and gas stations across the country. A timeline for closing was not released. Legal advisors to EG Group are Eversheds Sutherland LLP for acquisition issues and Kirkland & Ellis LLP for banking and finance issues. Barclays Bank acted as M&A advisor to EG Group and also underwrote debt financing for the deal. — Taylor Williams

September 10, 2018

Michigan Midwest

Billionaire Amway Co-founder, Philanthropist Richard DeVos Dies at 92

by Kristin Harlow September 7, 2018

ADA, MICH. — Richard DeVos, co-founder of Amway, died on Thursday, Sept. 6 at the age of 92. The cause of death was complications from an infection. The Michigan native was known as a pioneer of the Amway direct selling method, which offered individuals the opportunity to build businesses of their own. He was also an inspirational speaker and philanthropist. In 2017, Forbes estimated his wealth at $5.6 billion. DeVos and his family played an instrumental role in the redevelopment of the downtown area of Grand Rapids. The Amway Hotel Corp. is the largest hotelier in Grand Rapids encompassing the Amway Grand Plaza Hotel, the J.W. Marriott hotel and the Courtyard by Marriott hotel. The DeVos Place convention center opened in 2004 along the Grand River downtown. The Richard DeVos Center is the flagship building on the Grand Rapids campus of Grand Valley State University. DeVos was also owner of the Orlando Magic NBA franchise. His entrepreneurial spirit began in high school with his classmate, Jay Van Andel. The duo eventually founded Amway in Ada, Mich. in 1959. Over five decades, they built their business into a multi-billion dollar international corporation and the leading direct sales company. Van Andel died …

September 7, 2018

Loans Midwest Nebraska Office

NKF Arranges $30M Refinancing for Gavilon Headquarters in Omaha

by Kristin Harlow September 7, 2018

OMAHA, NEB. — NKF Capital Markets has arranged a $30 million loan for the refinancing of the Gavilon headquarters in Omaha. The five-story office building spans 130,448 square feet. Amenities include a fitness center, café and rooftop patio. Gavilon is a global grain trader. Dustin Stolly, Jordan Roeschlaub and Daniel Fromm of NKF arranged the loan on behalf of the borrower, Kawa Capital Management. Citibank provided the loan. Terms of the loan were not disclosed. The Opus Group completed development of the property in December 2013.

September 7, 2018

Loans Michigan Midwest Office

Bernard Financial Secures $15M Loan for Refinancing of Office Building in Royal Oak, Michigan

by Kristin Harlow September 7, 2018

ROYAL OAK, MICH. — Bernard Financial Group has secured a $15 million loan for the refinancing of a 73,000-square-foot office building in Royal Oak. The multi-tenant building was completed this summer. The loan, provided by RGA Recap, will be used to refinance a construction loan. Dennis Bernard arranged the loan on behalf of the borrower, Innovo Royal Oak LLC.

September 7, 2018

Acquisitions Midwest Minnesota Ohio Retail

Four Springs Capital Trust Acquires Two Automotive Service Properties in Minnesota, Ohio

by Kristin Harlow September 7, 2018

BLOOMINGTON, MINN. AND MILFORD, OHIO — Four Springs Capital Trust (FSCT) has acquired two automotive service centers for an undisclosed price. One of the properties is a collision repair center leased to ABRA Auto Body & Glass in Bloomington, Minn. The other is a tire and service center occupied by AAA in Milford, Ohio. Sellers of the properties were not disclosed. New Jersey-based FSCT is an internally managed, private real estate investment trust focused on acquiring a portfolio of net leased retail, industrial and healthcare properties.

September 7, 2018

Acquisitions Midwest Missouri Restaurant Retail

Pinnacle Arranges $1.8M Sale of Qdoba-Occupied Property in Suburban St. Louis

by Kristin Harlow September 7, 2018

CLAYTON, MO. — Pinnacle Real Estate Advisors LLC has arranged the sale of a 3,600-square-foot property occupied by Qdoba, a fast-casual Mexican restaurant, in Clayton for $1.8 million. The single-tenant building is located at 6701 Clayton Road across the street from a Schnuck’s grocery store. Qdoba has operated at the location since 2016. Zach Wright, Rob Edwards and Tom Ethington of Pinnacle represented the buyer, a Texas-based investor. A local real estate company was the seller.

September 7, 2018

Acquisitions Illinois Industrial Midwest

Bridge Development Sells 899,278 SF Industrial Park in Cicero, Illinois

by Kristin Harlow September 6, 2018

CICERO, ILL. — Bridge Development Partners has sold Bridge Point 290 Business Park in Cicero for an undisclosed price. Cabot Properties purchased the industrial development, a large portion of which is currently under construction. When completed, the development will total 899,278 square feet across three buildings. In March, Bridge delivered the 323,343-square-foot Building 1, which is fully leased to Royal Box Group. Buildings 2 and 3 are slated for completion in August 2019. Michael Caprile, Ryan Bain and Zach Graham of CBRE represented Bridge and its joint venture partner, Banner Oak Capital Partners LP, in the sale. Steve Connolly and Mark Moran of NAI Hiffman are marketing Buildings 2 and 3 for lease.

September 6, 2018

Acquisitions Midwest Office Wisconsin

MBH Brokers Sale of Historic Sentinel Building in Downtown Milwaukee

by Kristin Harlow September 6, 2018

MILWAUKEE — MBH Investment Real Estate LLC has brokered the sale of the historic Sentinel Building in downtown Milwaukee. Sentinel Suites LLC purchased the 31,848-square-foot office property, located at 225 E. Mason St., for an undisclosed price. The 10-story building was 51 percent occupied at the time of sale. The Milwaukee Journal Sentinel originally occupied a three-story building on the site beginning in 1864. As the newspaper grew in circulation, the current 10-story building was constructed in 1893 to replace the smaller building. The newspaper continued to operate at the site until 1930. The new owner plans to rebrand the office building as Sentinel Suites. Matson Holbrook of MBH marketed the property on behalf of the seller, 225 East Mason Property LLC.

September 6, 2018

Leasing Activity Michigan Midwest Retail

Crunch Fitness to Open Fourth Location in Michigan

by Kristin Harlow September 6, 2018

TAYLOR, MICH. — Crunch Fitness has signed a lease to occupy a 29,200-square-foot building for its fourth Michigan location. The property is located at 21592 Ecorse Road in Taylor, a southwest suburb of Detroit. Michele Rosenblum of Dominion Real Estate Advisors and Alan Stern of Friedman Real Estate negotiated the lease on behalf of Crunch. The landlord was not disclosed. Crunch expects to expand to additional Michigan locations in the coming months, according to Dominion.

September 6, 2018

Illinois Leasing Activity Midwest Restaurant Retail

Two New Restaurants Sign Leases at Wheeling Town Center in Suburban Chicago

by Kristin Harlow September 6, 2018

WHEELING, ILL. — Two new restaurants have signed leases at Wheeling Town Center, which is slated to open in early 2019. Meat and Potato Eatery and Eggsperience will occupy 4,000 square feet each and provide outdoor seating for patrons. Both restaurants have other locations in the Chicagoland area. The retail portion of Wheeling Town Center is now 83 percent leased. Previously signed tenants include City Works Eatery and Pour House, Mia’s Cantina, Starbucks, Inland Bank, CMX Cinemas, 312 Nails & Spa and The Learning Experience. The Lynmark Group is the developer for the mixed-use project.

September 6, 2018

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